GP-Act III Acquisition announced the closing of its initial public offering of 28.75 million units, which includes 3.75 million units issued for the exercise in full by the underwriter, resulting in gross proceeds of $287.5 million.
Each unit consists of a share and one-half of a warrant, with whole warrants exercisable at $11.50 for a share.
The units trade on the Nasdaq under the ticker symbol GPATU. Once the securities begin separate trading, shares and warrants are expected to list under the symbols GPAT and GPATW.
CEO and Director Antonio Bonchristiano is the CEO of GP Investments. Co-Chairman Fersen Lamas Lambranho serves as Chairman of GP Investments, and Co-Chairman Steven Spinner is a partner at co-sponsor Boxcar Partners, an operating partner at Mid Ocean Partners, and lead outside director of ArcBest.
“We will seek to leverage GP Investments’ platform, including access to its teams, deal prospects, and network, along with any necessary resources to aid the identification, diligence and operational support of a target for our initial business combination,” the SPAC said in the registration filing.
The SPAC initially filed for an offering of $250 million in March 2021. later revising its prospectus several times before withdrawing the initial offering in November 2022. Read more.
